Consumers will face sky-high inflation throughout 2022. And, although the Federal Reserve has aggressively raised interest rates in an attempt to slow the rate of inflation, it has so far failed.
As a result, consumers have racked up huge credit card debts and raided their savings in order to stay afloat. And new data shows how much money inflation costs the average American.
A devastating blow
According to Moody’s Analytics, the average U.S. household had to spend an additional $445 in September because of inflation. Even as gas prices have fallen significantly from their peaks earlier this year, food prices, in particular, have steadily increased, putting consumers in a difficult position as the holiday season approaches.
When it comes to combating inflation, you’ll frequently hear advice such as “It’s time to start cutting back on spending.” However, the average consumer is unlikely to spend the extra $445 per month on leisure purchases. Rather, the extra spending is tied to necessities that consumers cannot afford to cut.
However, just because cutting back on spending isn’t a viable option right now doesn’t mean you’re doomed to end 2022 with a mountain of credit card bills because of inflation. If you’re inclined to take on a second job, it might be sufficient to help you get through these trying times.
Unfortunately, we could be facing many more months of hyperinflation. If you’re weary from seeing your bills – and overall debt – rise, a second job could help you make it through this extended period of difficulty and emerge unscathed.
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